Where’s India’s cybersecurity giant? a $400-bn market can’t wait forever

Despite the global cybersecurity market soaring to $400 billion, India is yet to produce a single breakout product company in the space. Out of 1,445 cybersecurity startups in the country, only 200 have received any funding, and a mere 13 have reached Series B. At the Series D level, the number shrinks to just three or four.

“Roti, kapda, makaan ho gaya, the VCs need to scale now,” says Prayank Swaroop, Partner at Accel, on the sidelines of the firm’s 2025 cybersecurity summit. He believes India is ripe for its cybersecurity moment—but the ecosystem is still playing catch-up.

“It’s a massive global opportunity. Yet, there’s almost no Indian representation in this space. That seems very odd,” Swaroop notes. “Just like we saw with SaaS, we believe cybersecurity could be India’s next big bet. Whether it takes five years or ten—I hope it's sooner—that’s the goal.”

Accel is now actively scouting the cybersecurity space in India, but Swaroop admits that talent has long been a roadblock. India may be the back office to the world and among the highest adopters of AI tools like ChatGPT and DeepSeek, but it still lacks depth in cybersecurity product talent.

“When I first started looking into this space five years ago, there was almost nothing—just a handful of young founders offering pen-testing, audits, or compliance services. But that’s changing,” he says. “Today, with over 100 unicorns in India, each with valuable assets to protect, we’ve seen the rise of real security teams—moving from checkbox compliance to building red teams and robust threat protection.”

Artificial intelligence is also reshaping the game. The way AI systems get hacked is evolving rapidly, and for the first time, Indian founders aren’t behind the curve. “Everyone—India, the US, Israel—is starting from scratch. No one has cracked AI security yet, and that’s our big opportunity,” Swaroop adds.

Accel, which has backed global cybersecurity leaders like Wiz—valued at $32 billion with a $1 billion ARR, now acquired by Google’s Alphabet—sees huge potential in India. But Swaroop says Indian founders need to “upsize their ambition” and aim for multi-category wins rather than early exits.

On the policy front, he believes government support is critical. “The government can be the biggest buyer and enabler of sovereign cybersecurity products,” he says. With cyberattacks rising and geopolitical tensions high, India’s push for indigenous solutions is no longer optional; it’s urgent.